The present invention relates to a bearer note, for example, a traveler""s check that is generated at a remote location using local equipment, and systems and methods for generating and clearing such notes.
Traveler""s checks are well-known payment means offering advantages, such as security and wide acceptance. However, traveler""s checks have a disadvantage in that a purchaser must physically go to an office of a traveler""s check seller, such as a bank or travel service, in order to purchase and receive the checks. There are a limited number of such offices and their hours of operation are limited. This is inconvenient for the purchaser, who must travel to a seller""s office during the specified hours. Some have attempted to deal with this problem by allowing purchasers to order checks over the telephone, but the checks must be delivered by mail or express service, causing a significant delivery delay. Others have attempted to deal with the problem by providing machines similar to automated teller machines (ATM), which issue traveler""s checks. However, the purchaser still must find and travel to such a machine. In addition, such machines dispense only a limited selection of check denominations. As such, there is a need for a system with which purchasers may obtain traveler""s checks at any time, in any denominations and without having to travel.
The present invention is a system and method for issuing traveler""s checks at a user""s home or business using the purchaser""s own computer system. This allows the user to obtain traveler""s checks at any time, in any denominations and without having to travel to an issuer location.
User information, including a user identifier and a quantity and face value of bearer notes to be issued, are received from a user at an issuer central controller. The issuer central controller generates at least one code for generating the bearer notes and transmits the code to the user. Bearer notes including the code are then generated.
Preferably, the user has registered with the note issuer prior to issuance of the notes. During registration, information relating to the user, such as identifying information and an account identifier are received from the user and stored in a database. A user identifier is transmitted to the user.